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Bitcoin
February 7, 2017
9:25 pm
mmlt
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If this topic is not allowed, please delete.

Anyone into bitcoin? I've been p!aying around with it for 3 years. Interesting stuff. High risk but the reward can be huge.

February 7, 2017
9:41 pm
Loonie
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February 8, 2017
5:22 am
Top It Up
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Hardly interesting . For the most part, Bitcoin has now gone into the depths of the Chinese and Indian economies with those two countries driving the latest surge in "value" . The "currency" continues to have transparency and liquidity issues, and with only an estimated $15-16 billion in circulation, it can be hard to even call it a "currency." For some reason, Bitcoin always reminds me of Bre-X stock.

And if it is a "currency", why do you have to pay fees of up to 8% to buy and sell Bitcoin?

For comparison, Canada's largest four credit unions have around or greater than that number in assets, each.

February 8, 2017
9:01 am
mmlt
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I think a digital currency is inevitable. Don't know if it will be bitcoin. There are many hurdles to overcome with the fiat > bitcoin conversion being the main. It is handy for online purchases and negates the need for Paypal which is not cheap and not always easy to deal with.

I bought btc mainly as an investment and for that it performed admirably. My average cost of acquisition was 0.2% to 0.25%.

I'm not promoting this kind of investment. It is fraught with risk. I'm mostly out of it with recent highs but I would not hesitate to re buy if opportunities occur.

February 8, 2017
12:05 pm
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mmlt said

I think a digital currency is inevitable.  

I always find this statement curious.

What is it that you can't transact today, with the current currencies, that you feel the need for some other currency .

February 8, 2017
12:36 pm
mmlt
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Top It Up said

I always find this statement curious.

What is it that you can't transact today, with the current currencies, that you feel the need for some other currency .  

Sending any amount of money to anywhere/anyone in the world for pennies and in minutes without intervention or need of a third party.
How much does Paypal or Western Union charge to send fiat for example? The one and only time someone sent me money via PP it cost me 50 bucks.
A common expression among bitcoiners is "be your own bank".

February 8, 2017
5:45 pm
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mmlt said

Sending any amount of money to anywhere/anyone in the world for pennies and in minutes without intervention or need of a third party.  

That would only be Bitcoiner to Bitcoiner - 'cause to anyone else outside of that small circle of players, it's third party involvement, it's fees, it's total inconvenience as in, what the hell is Bitcoin.

CIBC has no fee Global Transfer (I have no idea what they charge for receiving) as well as Interac Transfer, for like $1.50 per, which probably covers off 98% of their individual client's needs.

Put a check mark next to my name as UNCONVINCED, in the need for a "digital" currency over what's offered today by current financial institutions.

February 9, 2017
10:40 am
mmlt
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I'm not articulate enough to explain the how's and why's of bitcoin. I am definitely not trying to convince anyone. I believe it is revolutionary technology. Whether it has a future is up for debate, certainly.

I've found it an excellent investment albeit very dangerous. Would I put money I could not afford to lose in it? Absolutely not. It's too early and too volatile.

Only 21 million bitcoins will ever exist. Close to 17 million exist at this time. It's price has hit highs of near $1200 USD in 2013 and again last December.

Supply and demand. If it can reach this kind of worth now what will the future price be when the supply dries up and/if demand increases?

One bitcoin is not a huge investment. Want to gamble on the technology and the future? Buy one and put it away. Wait and watch. Who knows what it will be worth in future years. I have some put away for my grandkids.

There is a terrific documentary about bitcoin and the financial/banking system. It is well worth the watch for anyone remotely interested. It's quite an eye opener.

Bitcoin, the end of money as we know it. http://www.imdb.com/title/tt4654844/

February 10, 2017
7:48 am
Norman1
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Using bitcoin to send money is not quite the same as doing wire transfers or direct deposits.

With wire transfers and direct deposits, there is already money at recipient's bank that is deposited into the recipient's bank account on instructions from the sender's bank.

With bitcoin, one is transferring the ownership of the bitcoins as recorded in the blockchain. The recipient, the new owner of the bitcoins, must now find someone who is willing to buy the bitcoins with regular money. That's what the bitcoin exchanges are for.

Like eBay, the bitcoin exchanges are marketplaces to help match up bitcoin sellers with bitcoin buyers. Also like eBay, the exchanges themselves don't have the money to buy any and all bitcoins that people may wish to sell.

February 14, 2017
2:18 am
mathewstim
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I bought btc mainly as an investment and for that it performed admirably. My average cost of acquisition was 0.2% to 0.25%.
I'm not promoting this kind of investment. It is fraught with risk. I'm mostly out of it with recent highs but I would not hesitate to re buy if opportunities occur.

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